Have an Oil Spill Cleanup Idea? Earn $1 Million

The X PRIZE foundation, a philanthropic non-profit institute that organizes public competitions announced its latest initiative last week: oil spill cleanup in the Gulf.

The entree that “demonstrates the ability to recover oil on the sea surface at the highest oil recovery rate (ORR) and the highest recovery efficiency” will receive the top prize of $1 million.

The competition organizers hope to inspire the best and brightest with hard incentives to innovate. In total, $1.4 million is up for grabs in exchange for new, creative approaches to spill recovery. The X Challenge competition will begin August 1, 2010 and will conclude one year later, summer 2011. Displays and demonstrations will take place at the National Oil Spill Response Research & Renewable Energy Test Facility (OHMSETT) in Leonardo, New Jersey.

The foundation’s general goal is to “bring about radical breakthroughs for the benefit of humanity.” (via PC Mag)